Trucking & Transportation Business Loans

  • Up to $750,000 funded within 24 to 48 hours
  • APR as low as 7%
  • 6-month to 24-month loan terms
  • Both unsecured and secured loan options
  • Flexible payment plans
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Clarify helps truck drivers, shippers, and commercial transport companies pursue the American dream with the working capital their transportation business needs.

Best Business Loans for Trucking & Transportation Companies

Trucking business operators know just how critical it is to keep their fleet of trucks maintained and emergency capital available for unforeseen expenses. Commercial trucks and trained drivers are a financially intensive venture.

That's where transportation business loans from Clarify comes in to help. Our network of 75+ lenders provide the money needed for all aspects of running a top-notch transport business on your terms.

Our mission is to help truckers pursue the American dream. Whether you have good or bad credit, we can provide the funding to withstand seasonal business trends, buy new vehicles and logistics tools, maintain your fleet, and hire more trained drivers.

Benefits of Trucking & Transportation Loans

Shipping & Logistics is a $700 billion dollar industry annually. To capitalize on your profitable market, your trucks and trailers need regular maintenance, yearly registration paperwork, and licensed drivers at a minimum. When you add on the need for insurance, fuel, and tolls fees, having financing is key to business success.

No collateral needed

With an unsecured loan, there are no collateral requirements to get approved. Every transportation business has different cash flow needs. Your dedicated Clarify advisor tailors a financing option that fits your specific needs.

Best APR available

With interest rates as low as 7%, lenders in our marketplace offer competitive rates for trucking companies and freight brokers. There is no down payment needed to secure transportation financing.

Transparent, flexible terms

We take pride in having the most open terms with no hidden fees in the lending industry. Your financing concierge at Clarify guides you into choosing an option that best fits your working capital needs.

Same day approval and funding

Applying for a business loan takes 2 minutes, and get money in the bank in as little as 24-48 hours. Transportation loans at Clarify offer fast financing when you need it the most.

Any credit score can get approved

Both good and bad credit rating is applicable to our marketplace. Poor credit is not a problem to get approved for funding. We recommend business owners have a credit score of at least 550.

Payment plan tailored to your cash flow

We provide complete flexibility in the amount of capital you want to borrow and the repayment terms based on your existing cash flow.

5 Best Business Loans for Trucking & Transportation

Having funded over 10,000 companies, we've found the following five financing options to work best for transportation business owners. Whichever option you choose, our advisors will walk you through the pros and cons of each to identify the best fit for your unique capital needs.

1. Equipment Financing for Trucking Companies

An equipment loan is a great fit for transportation business owners seeking to buy or replace trucks and trailers. You can finance up to 100% of the cost of buying or leasing a new rig. With competitive rates and minimal paperwork needed, you can secure funding quickly. There are no prepayment penalties or collateral requirements apart from the vehicle itself. Structure of the financing is similar to consumer car loans.

Equipment financing at a glance:

  • Both good and bad credit can get approved
  • Vehicle being purchased serves as collateral (no other collateral needed)
  • Low interest rates starting at 7%
  • Low documentation

Apply for Equipment Financing

2. Short Term Loan for Trucking Companies

When you think of a small business loan in the traditional sense, you are thinking of a term loan. You borrow a fixed amount of money at a specific interest rate that you pay back based over a loan term length. You don't need any collateral or personal guarantee to get approved for a short-term loan. It's the most popular borrowing option for transport businesses.

Term loans at a glance:

  • Instant approval and funding
  • Closing within 24-48 hours
  • No collateral required
  • Bad credit is okay (we still recommend at least 550+)

Apply for Term Loan

3. Business Line of Credit for Trucking Companies

A business line of credit is a flexible funding option to have working capital always available when needed. Lines of credit have competitive interest rates and are structured similarly to a business card. You have a maximum limit you can withdraw funds from and only pay interest on the amount of money you use.

Business line of credit at a glance:

  • Flexible, on-demand capital
  • Interest only charged on amounts withdrawn
  • No prepayment penalty
  • Helps improve your personal credit score

Apply for Line of Credit

4. B2B Invoice Financing for Trucking Companies

If you run a B2B commercial trucking business, you likely have outstanding invoices that are yet to be paid. Invoice financing, also called invoice factoring, allows you to get up to 100% of the invoice value from a lender as a lump sum payment. But what if your business is not B2B? In that case, we recommend equipment financing, term loans, or a business line of credit.

Invoice financing at a glance:

  • Quick access to working capital within 24 hours
  • No need to wait for invoices to be paid by customers
  • Your credit score is not a factor -- lenders look at the credit rating of the business whose invoice you have outstanding.

Apply for Invoice Financing

5. SBA Loans for Trucking Companies

The Small Business Administration provides financing backed in part by the agency (up to 80%). The two most popular SBA loan options are the 7(a) and Microloan programs. Among all loans available for transportation companies, SBA loans have the longest time to approval. This is due to the high paperwork and credit score requirements by the SBA and it's approved lenders. If you need qualifications for an SBA loan, Clarify's advisors help you streamline the application process.

Invoice financing at a glance:

  • Guaranteed up to 80% by the federal government agency
  • Low APRs
  • Recommended if your needs for capital are farther out into the future

Apply for SBA Loan

Frequently Asked Questions about Trucking Loans

There are different financing options available, depending on your preferences and needs. Once you determine which funding type you desire, you will receive funds that can be used to purchase your vehicle. Most business owners choose to finance by using their truck as collateral.
Common financing types include the following: equipment financing, short-term loans, a business line of credit, invoice factoring, and SBA loans. Each funding option has advantages and disadvantages. Speaking with a lending professional can help guide your decision.
Yes. Don’t be deterred if you have low credit. Equipment financing, for example, is a good choice for truckers who have below average scores. You can learn more about equipment financing offered by Clarify.
On average, most commercial truck loans tend to be 60 months, or 5 years in duration. Keep in mind some funding options require longer or shorter repayment windows, and this time frame will vary based on the lender.

Types of transportation companies we've funded

  • check Trucking companies
  • check Shipping companies
  • check Owner operators
  • check Freight brokers
  • check Medical transport
  • check Taxi and limousine services
  • check Moving van businesses
  • check Specialty transportation
  • check Livestock transportation
  • check Air transport
  • check Marine shipping
  • check Bicycle rentals

Potential use of funding for transportation businesses

  • keyboard_arrow_right Coronavirus and pandemic related expenses
  • keyboard_arrow_right Repair existing vehicles or equipment
  • keyboard_arrow_right Buy new commercial trucks
  • keyboard_arrow_right Pay for insurance and licenses
  • keyboard_arrow_right Daily expenses like fuel and tolls
  • keyboard_arrow_right Payroll & taxes
  • keyboard_arrow_right Operating expenses
  • keyboard_arrow_right Hiring new employees, training, and education
  • keyboard_arrow_right Advertising & marketing
  • keyboard_arrow_right Overcoming unanticipated business expenses
  • keyboard_arrow_right Refinance and consolidate existing debt
  • keyboard_arrow_right Seasonal cash flow fluctuations
  • keyboard_arrow_right Rent or buy real estate

Dedicated experts in commercial truck financing

When you choose Clarify, we consider you family -- and work with you through the ups and downs of running your transportation business.Commercial Truck Financing Team

keyboard_arrow_right See why truckers love Clarify

Trucking business loans

"Bryan from Clarify happened to call me at the right time last year when I needed to replace one of my tractor trailers. They handled everything from start to finish -- unlike most of the other aggressive funding companies that just try to sell you into whatever deal they can. I've now done a few loans with Clarify for repairs to some of my trucks and other equipment."

Trucking Company
5-star Trustpilot reviews5-star Trustpilot ratingClarify Capital is rated 10/10 based on 252 reviews on Trustpilot

Ready To Grow Your Transportation Business?

Get approved for trucking & transportation financing today and have money in your account within as little as 24 hours. No obligation -- prequalify without affecting your credit!